Right Trading Limited is a company engaged in trading of automobile spare parts. During the current financial year 2024-25, Mr. J the CFO retired…

Voluntary Revision of Financial Statements or Board's Report on the Approval of the Tribunal As per section 131 of the Companies Act, 2013, if it appears to the directors of a company that: a. the financial statement of the company does not comply with the provisions of section 129; or b. the report of the Board does not comply with the provisions of section 134 they may prepare revised financial statement or board's report in respect of any of the 3 preceding financial years after obtaining the approval of the Tribunal on an application made by the company within fourteen days of the decision taken by the Board. A certified copy of the order of the Tribunal shall be filed with the Registrar of Companies within 30 days of the date of receipt of the certified copy. In the given question, Mr. C has advised the Board of Right Trading Limited to revise the financial statements for the year 2021-22. The Board of Directors can do so as the said financial statements are pertaining to not later than three preceding financial years (from 2024-2025) and by obtaining the approval of the Tribunal within fourteen days of the decision taken by the Board.